Cellebrite, a digital intelligence solutions provider, went public via a SPAC merger with TWC Tech Holdings II, a special purpose acquisition company, in a $1.8bn deal. The PIPE investment was led by Light Street Capital, Makena Capital, and Axon Enterprise.
"At True Wind Capital we are focused on investing in leading technology companies, and the Cellebrite opportunity ticks all the boxes on our wish list for a long-term investment in a public company. Cellebrite empowers public and private sector customers to drive digital transformation of the investigative workflow through its advanced technology. Importantly, Cellebrite's technology helps bring justice to victims of crimes, including cases of child exploitation, violent crimes such as homicide and sexual assault, drug and human trafficking, fraud and financial crime. We are proud to be partnering with a company that is having a real impact on these issues," Adam Clammer, TWC Tech Holdings CEO.
Cellebrite was advised by Bank of America, Cowen & Company, JP Morgan, Needham & Co, Meitar Law Offices and White & Case. TWC Tech Holdings II was advised by Bank of America, JP Morgan, William Blair & Co, Herzog Fox & Neeman, Simpson Thacher & Bartlett and Gasthalter & Co. Axon Enterprise was advised by Morgan Lewis & Bockius. Financial advisors were advised by Shearman & Sterling.
Wyloo Metals, a mining company in Perth, Australia, made a $361m offer to acquire all remaining shares in Noront Resources, a Canadian-based mining company.
The revised proposal is higher than BHP's $258m bid in July, with Wyloo proposing to either keep Noront public or buy out the remaining shares it does not already own. The tussle between BHP and Wyloo underscores the race to secure the supply of key battery metals that are used in electric vehicles.
Noront Resources is advised by Stifel, TD Securities, Bennett Jones and Longview Communications. Wyloo is advised by McCarthy Tetrault. BHP is advised by BMO Capital Markets, Blake Cassels & Graydon and Kingsdale Advisors.
Synaptics, a publicly owned San Jose, California-based developer of human interface hardware and software, agreed to acquire DSP Group, a provider of chipsets for VoIP, multimedia, and digital cordless applications, for $538m.
"We continue to invest in technologies that tilt our product mix toward IoT applications. DSP Group's expertise in SmartVoice and ULE wireless solutions, coupled with Synaptics' leadership position in far-field speech recognition and IoT directed Wi-Fi/BT combos enables us to deliver increasingly differentiated solutions to our combined customer base, while positioning us to lead the transition to AI enabled devices at the edge of the network," Michael Hurlston, Synaptics President and CEO.
DSP Group is advised by Goldman Sachs and Morrison & Foerster. Synaptics is advised by Barclays and Goodwin Procter. Debt financing is provided by Barclays.
Revelstoke Capital Partners-backed Empire Portfolio Group, a Area Developer & Franchisee of Orangetheory® Fitness, completed the acquisition of Orangetheory Fitness Franchisee, 10 studios and the area development rights in Charlotte. Financial terms were not disclosed.
"The Carolina studios enjoy strong participation from a devoted member base and are anchors in their respective communities. We believe they will be a great fit with the Empire culture. We welcome the opportunity to provide members a safe place to improve their physical and mental health using state of the art technology and enhanced cleaning procedures. Our goal is to bring Orangetheory to everyone's back door," Adam Krell, Empire Portfolio Group CEO.
Revelstoke Capital Partners was advised by Lambert & Co. Empire Portfolio Group was advised by Winston & Strawn. Jay Thomas and Doug Birer were advised by Farlie Turner & Co and J2advisors.
Apax, a British private equity firm, agreed to acquire SavATree, a full-service tree, shrub and lawn care company specializing in green options for landscape care, from CI Capital Partners, a private equity firm. Financial terms were not disclosed.
"As we embark on our next phase of our growth, we are well positioned to build upon the momentum we have established along with our partners at CI Capital. We are grateful for CI Capital's support as we executed our strategy and realized our vision of building a national leader, while remaining true to our customer-centric, environmentally-responsible approach," Carmine Schiavone, SavATree CEO.
CI Capital Partners is advised by Kekst CNC. SavATree is advised by Harris Williams and Paul Weiss Rifkind Wharton & Garrison. Apax Partners is advised by Kirkland & Ellis.
Danaher, a global science and technology innovator, completed the acquisition of Aldevron, a biotechnology company, from EQT Partners, a private equity firm, for $9.6bn.
"For nearly 25 years, Aldevron has made tremendous contributions to the advancement of cell, gene and other novel therapies and vaccines. This acquisition will expand our capabilities into the important field of genomic medicine and help us support our customers and their critical mission to bring more life-saving therapies and vaccines to market faster," Rainer Blair, Danaher President and CEO.
Aldevron was advised by Morgan Stanley and Simpson Thacher & Bartlett. Danaher was advised by Kirkland & Ellis.
Arkema, a specialty chemicals and advanced materials company, agreed to acquire the performance adhesives business of Ashland, a global specialty materials company serving customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical, for $1.65bn.
“We are very happy and proud of this move. In a context of strong earnings growth following the recent divestment of PMMA and the start of the strategic review of Fluorogases, the acquisition of Ashland’s adhesives business is a fantastic opportunity to reinforce the Group’s presence in the US and to accelerate Bostik’s growth. With an excellent business which holds leading positions in many high-growth segments and a high level of profitability, this project fully aligns with the Group’s targeted acquisition strategy. Ashland’s adhesives will constitute a new technological platform for our adhesives and the synergies are particularly high given the geographical and application complementarities with Bostik and our Coating Solutions platform. The cultures of the teams are very close, focused on customer centricity and sustainable innovation. We look forward to welcoming Ashland’s high-caliber management team and to partner together for this highly value creative deal," Thierry Le Hénaff, Arkema Chairman and CEO.
Ashland is advised by Citigroup, Cravath Swaine & Moore and Squire Patton Boggs.
Mainsail Partners-backed Inhabit IQ, a computer service company, completed the acquisition of ResMan, a property management SaaS platform provider. Financial terms were not disclosed.
"We admire the quality of ResMan's products, team and customer-centric approach. With ResMan's industry-leading technology platform, we will have a full suite of solutions that allow property managers for residential, commercial and vacation rental properties to seamlessly operate their businesses either exclusively with Inhabit IQ and ResMan or in partnership with other providers," Lisa Stinnett, Inhabit IQ CEO.
ResMan is advised by Harris Williams & Co. Inhabit IQ is advised by Weil Gotshal and Manges.
Collins Aerospace, one of the world's largest suppliers of aerospace and defense products, agreed to acquire FlightAware, a digital aviation company providing global flight tracking solutions, predictive technology, analytics and decision-making tools. Financial terms were not disclosed.
"The world's aerospace companies and aircraft operators are looking to digital aviation to provide the next revolution in aviation efficiency and reliability. And we are excited to join Collins Aerospace and Raytheon Technologies at this pivotal time to continue to lead that revolution at an even broader scale," Daniel Baker, FlightAware CEO.
Flightaware is advised by RBC Capital Markets and Davis Polk & Wardwell.
VectivBio, a clinical-stage biopharmaceutical company, agreed to acquire Comet Therapeutics, a privately held company that has been developing drugs to address previously untreatable inherited metabolic diseases. Financial terms were not disclosed.
"The acquisition of the CoMET platform is in line with our core mission of developing disease-modifying treatments for rare severe diseases. The platform's potential to deliver a pipeline of medicines that target the fundamental molecular pathophysiology of IMDs by unlocking previously inaccessible pathways, would provide us with the opportunity to transform the lives of these patients. We are eager to begin work on our new programs and look forward to progressing our first candidate towards the clinic," Luca Santarelli, VectivBio Founder and CEO.
VectivBio is advised by Homburger and Finsbury Glover Hering.
Arcline-backed Quantic Electronics, a company established to provide mission-critical electronics components for high-value applications, agreed to acquire X-Microwave, a provider of modular RF and Microwave building blocks. Financial terms were not disclosed.
"We remain committed to developing a world-class group of specialty electronics manufacturers that make mission-critical products. The addition of X-Microwave and its unique business model nicely complements our growing RFMW technology portfolio. I am excited to welcome X-Microwave to the Quantic family, and I look forward to working with its talented team," Kevin Perhamus, Quantic Electronics President and CEO.
Quantic Electronics is advised by Duff & Phelps. Arcline is advised by Joele Frank.
Ansys, a provider of engineering simulation software, agreed to acquire Zemax, a provider of high-performance optical imaging system simulations, from EQT Partners, a global investment organization. Financial terms were not disclosed.
"Zemax has been a leader in optical simulation since our founding 30 years ago. Our mission is enabling customers to design sophisticated optical products and bring them to market faster. By joining forces with Ansys, we will quickly deliver Zemax's gold-standard imaging products to a wider audience and have an even greater impact on optical product development. It is a winning combination for our customers and for Ansys users across the globe," S. Subbiah, Zemax CEO.
Zemax and EQT are advised by William Blair & Co and Kirkland & Ellis.
Walker & Dunlop, the largest provider of capital to the multifamily industry in the United States, agreed to acquire Alliant Capital, a privately held alternative investment manager focused on the affordable housing sector through low-income housing tax credit syndication, joint venture development, and community preservation fund management, for $696m.
"Alliant is one of the largest and most respected tax credit syndicators and affordable housing developers in the country. The addition of their people, assets, and capital formation capabilities immediately makes Walker & Dunlop a market leader in affordable housing — lending, sales, and tax credit syndication. With Fannie Mae, Freddie Mac and HUD all focused on affordable housing and more and more Americans seeking affordable rental housing, the combination of Alliant and Walker & Dunlop is a home run. Shawn Horwitz has built an incredible team and company, and we look forward to welcoming them to W&D," Willy Walker, Walker & Dunlop Chairman and CEO.
GTCR, a private equity firm, completed the acquisition of Global Claims Services, an insurance technology company that leverages its proprietary databases and custom applications to provide critical cost containment solutions to the P&C insurance industry. Financial terms were not disclosed.
"Bob and the GCS team have developed and scaled a number of unique technologies that have become mission critical tools in the insurance industry. We look forward to being partners with the GCS team and accelerating their growth through acquisitions," Aaron Cohen, GTCR Managing Director.
Core & Main, a US distributor of water, sewer and fire protection products, completed the acquisition of L & M Bag & Supply, a distributor of industrial and oilfield products. Financial terms were not disclosed.
"L & M is an exceptional company with a strong history in geotextiles and geosynthetics, and a well-developed erosion control materials manufacturing operation. This strategic opportunity will allow us to enhance Core & Main's erosion control expertise to further serve our customers nationwide," Steve LeClair, Core & Main CEO.
Patreon, an American membership platform that provides business tools for content creators to run a subscription service, completed the acquisition of Clear Talent, a tech recruiting firm. Financial terms were not disclosed.
"With an ambitious roadmap of new features ahead for our creators and their members, we're excited to welcome Clear Talent as we significantly grow our teams and continue the work to champion all creators," Tiffany Stevenson, Patreon Chief People Officer.
Counterpoint Global led a $1.6bn Series H round in Databricks, the Data and AI company, with participation from Baillie Gifford, ClearBridge Investments, UC Investments, Andreessen Horowitz, BlackRock, Canada Pension Plan Investment Board, Coatue Management, Fidelity Management & Research, Franklin Templeton, GIC, Greenoaks, Octahedron Capital, T. Rowe Price Associates, Tiger Global Management, Whale Rock Capital Management, Alta Park Capital, BNY Mellon, Discovery Capital, Dragoneer Investment Group, Flucas Ventures, Gaingels, Geodesic, Green Bay Ventures, the House Fund, Insight Partners, and New Enterprise Associates.
"This new investment is a reflection of the rapid adoption and incredible customer demand we're seeing for the Databricks Lakehouse Platform and underscores the industry and investor confidence in our vision – that lakehouse is the data architecture of the future. This marks a thrilling new chapter that will allow us to accelerate our pace of innovation and further invest in the success of data-driven organizations on their journey to the lakehouse," Ali Ghodsi, Databricks Co-Founder and CEO.
Investment company Flagship Pioneering led a $440m Series B round in Laronde, a biotech startup, with participation from T. Rowe Price Associates, Invus, Canada Pension Plan Investment Board, Fidelity Management & Research Company, BlackRock, and Federated Hermes Kaufmann Funds.
"Endless RNA represents a whole new approach to making medicines and treating disease. Laronde is creating a new class of drugs that can be programmed to persistently express proteins in the body, is redosable, and can be administered through simple delivery mechanisms, resulting in highly tunable protein levels. The therapeutic possibilities enabled by eRNA are vast with the potential to greatly improve global human health. Having assembled such a knowledgeable and committed group of investors gives us the ability to not only advance this powerful technology platform but also build a transformative company to support our bold vision," Diego Miralles, Laronde Chief Executive Officer and Flagship Pioneering CEO-Partner.
SoftBank Vision Fund 2 led a $200m Series F round in WHOOP, the human performance company, with participation from IVP, Cavu Ventures, Thursday Ventures, GP Bullhound, Accomplice, NextView Ventures, and Animal Capital.
"We are thrilled to deepen our partnership with SoftBank as we grow internationally. While we have experienced amazing growth in the past year, the potential of our technology and the vast market for health monitoring remains largely untapped," Will Ahmed, WHOOP Founder and CEO.
Riverwood led a $150m funding round in Petlove, a São Paulo-dependent digital platform for solutions and products and services for the pet sector, with participation from Tarpon, SoftBank, L Catterton, Porto Seguro and Monashees.
The company will use the new capital in part to further expand its logistics network with the goal of accelerating its delivery capabilities. In particular, it plans to expand to other geographies its express delivery service, Petlove Já, which allows products to be delivered within four hours of an order being placed.
FTC targets oil-and-gas deals.
The Federal Trade Commission is examining ways to crack down on mergers in the oil and gas industry and investigate whether gas station franchises are driving up gas prices as part of a Biden administration effort to combat higher costs at the pump.
FTC Chair Lina Khan is directing staff to identify new legal theories to challenge retail fuel station deals and investigate possible collusion by national chains to push up prices, Bloomberg reported.
Dow announces the pricing of its cash tender offers.
The Dow Chemical Company, a chemical corporation, announced the pricing terms of its previously-announced cash tender offers to purchase certain of its debt securities and certain debt securities of Rohm & Haas Company, a manufacturer of speciality chemicals, in an aggregate purchase price of up to $1.48bn.
Dow is advised by BNP Paribas, SMBC Nikko, HSBC, JP Morgan, Mizuho, MUFG, Standard Chartered Bank, Citigroup, Credit Agricole and TD Securities.
Clearwater Analytics files for US IPO. (FS)
Welsh Carson-backed Clearwater Analytics, an investment management software company, filed paperwork with US regulators for an initial public offering.
Welsh Carson was exploring the sale of Clearwater for around $2bn in August last year, Reutersreported.
Brilliant Earth adds to year’s US IPO rush.
Brilliant Earth, a jewelry company, filed for an initial public offering, leading a flurry of planned listings, Bloombergreported.
The company in its filing Monday listed the size of the offering as $100m, a placeholder that will change when terms of the share sale are set.
Advent International is considering taking Xplor Technologies, a payments company, public at a $4bn valuation.
The private equity firm is working with Goldman Sachs and Citigroup to weigh an initial public offering for Xplor or a merger with a special purpose acquisition company, Bloomberg reported.
New Enterprise Associates reaps more than $3bn in Robinhood's IPO.
New Enterprise Associates reaped a 15-fold gain on its investment in Robinhood Markets, a return that would have been even higher if not for an emergency funding round earlier this year.
The venture capital firm paid $231m for its 10.3% stake in Robinhood. That same stake, amounting to 74.8m shares, was worth about $3.5bn as of the close of trading on August 27.
Elad Gil looks to raise $620m for new vehicle. (FS)
Elad Gil, the co-founder of Color Genomics and former Twitter executive, is looking to raise a $620m venture fund, the largest vehicle ever managed by a solo VC.
Gil's limited partners include Harvard University's endowment. In recent years, some solo VCs, including Gil and Lachy Groom, have started to lead rounds and invest in late-stage deals.
Susa Ventures raises $375m across two funds. (FS)
Susa Ventures raised $375m across two funds, including $125m for its fourth seed-stage vehicle and $250m for its second opportunity fund, the latter of which will focus on Series B and C investments.
Founded in 2013, the San Francisco-based firm has backed companies including Robinhood, Flexport and Viz.ai. Susa plans to use the capital to continue investing primarily in the fintech, healthcare, supply chain and SaaS sectors.
Renesas Electronics, a supplier of advanced semiconductor solutions, completed the acquisition of Dialog Semiconductor, a provider of power management, charging, AC/DC power conversion, Wi-Fi and Bluetooth low energy technology, for $5.9bn.
"The transaction we announced today represents our next important step in catapulting Renesas' growth plan to achieve substantial strategic and financial benefits, following our previous acquisitions. Dialog has a strong culture of innovation along with excellent customer relationships and serves fast growing areas including IoT, industrial and automotive. By bringing Dialog's talented team and expertise into Renesas, together, we will accelerate innovation for customers and create sustainable value for our shareholders," Hidetoshi Shibata, Renesas President and CEO.
Dialog Semiconductor was advised by JP Morgan, Qatalyst Partners, Linklaters and FTI Consulting. Financial advisors were advised by White & Case. Renesas was advised by Nomura, Covington & Burling and Nagashima Ohno & Tsunematsu. Financial advisors were advised by Ashurst.
Yandex, a technology company that builds intelligent products and services powered by machine learning, agreed to acquire additional stakes in MLU, a Yandex's ride-sharing and food delivery joint venture with Uber, and Yandex Self-Driving, a self-driving vehicles business, from Uber Technologies, an American technology company, for $1bn.
Under this agreement, Yandex will receive Uber’s 33.5% indirect interest in Yandex.Eats, Yandex.Lavka and Yandex.Delivery, giving Yandex 100% ownership in all three businesses, Uber’s 18.2% interest in Yandex Self-Driving Group, giving Yandex 100% ownership in the business and an additional 4.5% interest in the newly restructured MLU, which will focus on mobility businesses, giving Yandex and its employees a total of approximately 71% ownership in the joint venture.
“Since we started our partnership with Uber in 2018, we’ve been able to create and rapidly develop a number of successful businesses -- all of them are highly synergetic to our e-commerce initiative and to the entire Yandex ecosystem. The consolidation of these businesses puts us in a great position to further increase strategic management flexibility, while creating new substantial growth potential for our businesses and cross-platform consumer benefits over the years to come, allowing us to unlock new sources of value for our shareholders,” Tigran Khudaverdyan, Yandex Deputy CEO.
Amyris, a US-based synthetic biotechnology company active in the clean health, beauty and wellness markets, completed the acquisition of MG Empower, an influential marketing agency. Financial terms were not disclosed.
"It is with great pleasure that we welcome Maira Genovese and her team at MG Empower to the Amyris family. We are committed to developing a leading-edge platform to serve the most influential brands in the world. world, to promote the future of brand marketing driven by digital innovation, and at MG Empower we have found the perfect partner to realize our collective ambition," John Melo, Amyris President and CEO.
Valley National emerges as front-runner for Bank Leumi.
Bank Leumi, an Israeli bank, has drawn interest from potential buyers including Valley National Bancorp, a regional bank holding company headquartered in Wayne, New Jersey.
While other suitors are looking at Bank Leumi, Valley National emerged as the front-runner in a sales process for the New York-based lender. A final decision hasn’t been made and Bank Leumi could opt to keep the unit if it doesn’t fetch a good price or it might take it public, Bloomberg reported.
Sainsbury’s Bank could be sold for $275m to Centerbridge Partners. (FS)
Sainsbury’s Bank could be bought within weeks, almost a year after the supermarket put its financial arm up for sale for $275m.
Sainsbury’s Bank customers should be unaffected by any sale. Centerbridge most likely wants to buy Sainsbury’s Bank to get a UK banking licence.
Germany’s savings banks consider sale of Berlin Hyp.
Germany’s public-sector savings banks have initiated the sale of their commercial real estate lender Berlin Hyp, in what would be the biggest banking deal in Europe’s biggest economy this year.
The savings banks association DSGV has mandated PricewaterhouseCoopers to collect bids which may be valued at at least €500m ($590m), Bloomberg reported.
Bunzl has $1.38bn acquisition war chest.
British catering and cleaning products manufacturer Bunzl is planning a spending spree backed by $1.38bn of available capital for businesses hit by the pandemic or wanting to sell up in the US because of President Joe Biden’s proposed tax increases.
Frank van Zanten, chief executive of the FTSE 100 group, said merger and acquisition targets had opened up after some businesses had suffered a “shocking experience” in the pandemic, while others in the US feared tax rises, Financial Times reported.
Bertelsmann eyes acquisitions, Majorel IPO is under consideration.
Bertelsmann has the financial firepower to invest €2-3bn ($3-$4bn) in acquisitions, Thomas Rabe, Bertelsmann CEO said, after the German publishing group posted strong first-half results.
Thomas Rabe confirmed a report that an initial public offering of call-centre business Majorel, a joint venture with Saham, was under consideration while adding that no decision had been taken on timing. An IPO is always an option, Rabe told reporters when asked about Majorel, Reutersreported.
JP Morgan, Citigroup and BNP Paribas had been hired to float Majorel in Amsterdam this autumn in a deal that could value the business at €3bn ($4.1bn).
London's public markets remain red-hot after Eurowag revealed a £1.5bn float. (FS)
In the latest post-Brexit boost to the City, TA Associates, a private equity firm, is poised to float Eurowag, which provides payment and technology services to hauliers.
The float could come as soon as September. The firm hired bankers at Citigroup, Jefferies and Morgan Stanley to coordinate the deal.
Prosus-backed PayU, a fintech company that provides payment technology to online merchants, agreed to acquire BillDesk, the provider of digital payments, for $4.7bn.
“We believe this transaction will stimulate both innovation and competition within India’s digital payments industry. This will not only help to strengthen India’s digital economy, but also bring financial services to those who may have historically been excluded. This ambition is fully aligned with the Government of India’s vision of ‘Digital India’ and is a key objective for PayU across all the communities we serve globally." “This deal is an example of how our purpose and our business objectives work together, accelerating growth and increasing access to financial services,” Laurent Le Moal, PayU CEO.
Octopus completed the acquisition of Dulacca wind farm in Australia from RES.
Octopus Group, an UK renewables investment firm, completed the acquisition of 180 megawatt wind farm project in Queensland, Australia from Britain’s RES, Reutersreported. Financial terms were not disclosed.
“It is great for Octopus to continue our long-standing European relationship with two strong counterparties in RES and Vestas, who between them bring deep wind farm construction and grid experience in Australia,” Darren Brown, Octopus Australia Investment Director.
Lotus Cars and Nio signed an investment agreement.
Units of Lotus and electric-vehicle upstart Nio signed an investment pact as the Chinese owner of the iconic maker of British sports and racing cars seeks to transform it into an all-electric brand, Bloomberg reported.
Lotus Technology and Nio will explore collaboration in areas including high-end intelligent EVs. The unit, which develops electric cars for the Lotus brand globally, broke ground on its global headquarters in Wuhan on Tuesday and plans to roll out a range of new models over the next five years.
Kakao Pay cuts IPO to $1.3bn as valuation concerns grow.
Kakao Pay, an online payment service, lowered its targeted initial public offering to $1.3bn at the behest of Korean regulators concerned about soaring tech valuations.
The fintech startup follows Krafton, a video games developer, in scaling back IPO targets after regulators questioned tech valuations and comparisons with high-flying overseas peers. Kakao Pay is now seeking to sell 17m shares at a lowered range of $51 to $77, versus a previous $54 to $82.
Ant Group’s IPO relaunch is at risk due to Hangzhou probe.
Ant Group’s aspiration to revive its initial public offering could be jeopardized by recent investigations into Hangzhou’s top political leaders.
An IPO relaunch may falter as Beijing’s probe into Hangzhou’s power structure stirs up legal woes, aggravated by a warning about ‘996’ work culture," Bloomberg reported.
Founders Fund backs $130m Japanese tech fund. (FS)
Billionaire Peter Thiel's Founders Fund, a San Francisco-based venture capital firm, is backing a new $130m vehicle by Coral Capital to invest in Japan's technology startups as the country shakes off its image as a tough place for entrepreneurs, Bloomberg reported.
Coral Capital's third fund will focus on early-stage financing from seed to Series A, founding partner and Chief Executive Officer James Riney said. Initial round investments will range between $270k to $4.5m and up to $45m for follow-up checks.
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